By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    3 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    3 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    3 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    3 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    3 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    1 week ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    2 weeks ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    2 weeks ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Peter Obi’s Big Win In Lagos Set Social Media On ‘Fire’
    3 years ago
    Tayo Ayinde, A Leading Choice For Nigerian President-Elect’s Chief Of Staff
    3 years ago
    15th BRICS Summit
    Timi Frank Blasts Shettima For Gloating Over Predetermined Tribunal Judgement
    2 years ago
    Latest News
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    4 days ago
    NSC Chairman To Engage With Youth And Sports Stakeholders At The Nest Centre
    2 months ago
    Edo District Bye-election: SDP Candidate, Hon. Isidahomhen Promises To Pursue Best Interest Of Esanland 
    2 months ago
    PHOTOS: Vinod Obasa Takes Oath Of Office
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    Anambra Traditional Ruler For Burial 9 October
    4 days ago
    Lagos Hosts Eko Skills Development Initiative For Youths
    6 days ago
    October 1: Nationhood Must Translate Into Better Living Conditions For Nigerians, CAPPA Tells FG
    1 week ago
    EX-APC Chairman Sad Over Bandit Killings In Oke-Ode And Other Parts Of Kwara 
    1 week ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Temi Otedola Makes Her Stage Debut In Motherland The Musical
    3 years ago
    Discover Exciting Programmes with Ease on GOtv
    2 years ago
    Nigerian Afrobeat Artiste WONDA Drops Captivating Summer Anthem ‘Ibiza’
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    2 weeks ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    2 weeks ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    3 weeks ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    4 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    NCC, NICO To Leverage Telecom Channels To Promote Nigerian Cultural Heritage
    1 year ago
    LENT 2023: Nigerians Knocking On Heaven’s Door By Bishop Emmanuel Badejo
    3 years ago
    Happiness
    Eight Ways To Stay Happier In 2025, According To Science
    9 months ago
    Latest News
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    2 weeks ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    1 month ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    1 month ago
    Archbishop Ugorji Hails St. Helen’s Choir As One of the Best Choirs in Owerri Archdiocese
    1 month ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Unity Bank Shareholders Approve Merger With Providus Bank
    2 weeks ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    2 weeks ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    4 weeks ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    1 month ago
    Bank of Agriculture
    How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA
    1 month ago
  • Health
    Health
    Show More
    Top News
    NCDC Activates Lassa Fever Emergency Operations Centre In Nigeria
    3 years ago
    UNAIDS: Fully Financing HIV Response In Africa Will Save Millions Of Lives
    2 years ago
    How To Avoid Urinary Tract Infections During Sex
    2 years ago
    Latest News
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    1 week ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    1 week ago
    Lagos Takes Fight Against HIV To Communities
    2 weeks ago
    Nigeria’s Health Financing: Lessons From Canada’s $32.5bn Tobacco Settlement
    2 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Africa: A Booming Continent Needs New Payment Infrastructure
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > Africa: A Booming Continent Needs New Payment Infrastructure
Banking & FinanceBusiness

Africa: A Booming Continent Needs New Payment Infrastructure

Last updated: 2025/01/09 at 12:54 PM
9 months ago
Share
SHARE

Africa is an exciting, vibrant and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic. Africa is not for sissies, as the saying goes.

In navigating those challenges, relationships matter. It’s not so much about throwing money at a problem, it’s about investing time, building trust, meeting with partners and regulators, and understanding each other’s needs.

Africa offers an enormous upside for those prepared to make this time investment. The continent’s population is set to reach 2.5 billion (http://apo-opa.co/3W7Kp4w) by 2050, and Africa’s people are embracing digital technology, as the World Bank (http://apo-opa.co/3Waln4F) confirms. They are leveraging digital connectivity to improve their lives, educate themselves, send remittances, and start small enterprises. There is value in investing in that level of human development.

The payments opportunity

- Advertisement -
Ad imageAd image

Running through this African growth trajectory is a particular business thread: payments (http://apo-opa.co/3WawLxk). There are opportunities for anyone who can simplify, rationalise and standardise payments for the continent’s dynamic financial economy.

An organisation in just such a position is MultiChoice (www.Multichoice.com/), the leading pan-African video entertainment provider for almost 40 years. In building a pay-TV network across the continent, with up to 23.5 million (http://apo-opa.co/3WawOJw) customers across 50+ markets, and 100 million+ monthly viewers, MultiChoice also built relationships across the continent to collect payments, for DStv, GOtv, and Showmax – potentially the only large enterprise to need such enormous breadth.

The Group has converted the opportunity that this represents, partnering with global venture-capital firm General Catalyst and payments company Rapyd to launch Moment (http://apo-opa.co/4ad1H5N), which aims to be the broadest, deepest payment network across Africa.

Launching with Showmax and DStv as initial clients, Moment started processing payments for parts of the group in January 2024. By November 2024 MultiChoice was already collecting around 35% of its revenue through Moment rails, and those numbers are rising quickly. Services to other enterprises were rolled out in August.

Moment already collects and disburses across 44 African countries, accepting 200+ local payment methods – spanning in-person payments at over 1 million store and agent locations, mobile money, credit and debit cards, bank transfers, and digital wallets.

Enabling consumers and businesses to move from cash to digital, Moment and its network offers users access to better financial opportunities, lower prices, higher quality goods and services, and full access to the digitally enabled economy.

Expanding the ecosystem

To access the initial target market of large enterprises that will benefit from the reach, breadth, and high performance needed by MultiChoice, Moment has built out a fully cloud-native infrastructure. The platform can deliver on the high daily and weekly loads needed for one of the largest billing bases on the continent, and also smoothly deal with the potential for network outages, power cuts, and other disruptions.

In order to ensure businesses have access to the daily cash flow they need, Moment has built a robust financial reconciliation and settlement system capable of automating and simplifying the daily reconciliation process for enterprises and enabling them to spend tight staffing budgets efficiently, while getting fast, accurate financial reporting and access to their receivables.

To help these enterprise customers expand their customer bases, Moment opens up the largest mass-market suite of payment channels through its network, enabling businesses to fully tap into the mass market’s buying power for the first time with a single API connection – providing access to more than a million in-person payment locations across spaza shops, modern retail locations, and a host of online payment options tuned to the needs of each local market.

To ensure that Moment’s clients and the market are ready for the future, Moment is building a “coalition” around real-time payments, to educate consumers on the benefits of PayShap and other real-time payment methods that can significantly reduce cost and increase payment speed. DStv and Moment launched PayShap payments in South Africa as the first “consumer to business” real-time payment option built on South Africa’s RPP payments system. Moment has developed partnerships with similar systems in the SADC countries and Nigeria to expand real-time payments as the market evolves.

Simplifying the process

One of the reasons MultiChoice first looked at the payments space was precisely because it is a complex environment, characterised by multiple service agreements, commission rates and exchange rates. It made sense to try to simplify the payments landscape, for everyone’s benefit.

Africa is a challenging territory, but Africans are agile and innovative. Trends and new solutions emerge constantly. Any platform entering this space must recognise that there isn’t one answer; there are many. By partnering with MultiChoice, Moment has built out technology with the flexibility to configure the right solution for each market.

The upsides of building for the challenging scale of MultiChoice as a launch client are significant – other enterprises Moment is working with have built unwieldy daily financial operations to manage their own complexity. Anecdotally, one merchant maintains a staff of 75 people doing reconciliations for their business – operations that can be automated and streamlined leveraging the Moment platform. Moment presents a vast opportunity in simplifying that process, automating it, while enabling customers to focus on their core business and customer relationships.

Africa is the largest single opportunity in the world. As our population booms over the next 20 years, many new business foundations will need to be laid across the continent – especially in the area of payments.

Payments are the lifeblood of Africa’s economy. Enabling them efficiently and cost-effectively, across the continent, ensures Africa performs to its full potential. Through the partnership with MultiChoice, Moment is well positioned to be at the core of this transformation for decades to come.

You Might Also Like

Unity Bank Shareholders Approve Merger With Providus Bank

Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

Nigeria To Host Intra-African Trade Fair In 2027

How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA

TAGGED: MultiChoice Group
INadminNG January 9, 2025 January 9, 2025
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Dr Tokunbo Oluwole Ahead Lagos LG Poll: How APC Can Win Mainland LG and Yaba LCDA, Others – Oluwole
Next Article Lagos SWAN immortalizes Kola Omoniyi As Family Expresses Appreciation To SWAN, Defence Headquarters
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?